Azerbaijan ready to commence industrial gold production

Reza Vaziri, President of Azerbaijan International Mining Operating Company, told APA that the first target is Gedebey Field in which industrial production of gold will commence in the third quarter of this year.

“Exploration of Gosha Field proved it promising and feasible. I hope we will be able to tap gold in this field next year,” he added.

This field is expected to reserve 600,000 ounces of gold.

Anglo Asian Mining Plc (49%) and Azerbaijan (51%) signed a 30-year Production Sharing Agreement (PSA) to develop previously identified copper and gold properties in Azerbaijan that lie on the Tethyan Mineralization Belt running between Turkey and Pakistan.

The six fields reflected in the agreement include one in Nakhchivan, one in Gandja, one in Gedebey, 3 in the occupied lands (Zod Field in Kelbedjer, Kizilbulag in Aghdara, and Vajnali in Zangilan).

Under the Production Sharing Agreement, 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper will be extracted from the contract fields.

/APA/